Agree Realty Corporation $ADC Holdings Lifted by JPMorgan Chase & Co.

JPMorgan Chase & Co. raised its position in Agree Realty Corporation (NYSE:ADC) by 65.6% during the 3rd quarter, Holdings Channel.com reports. The firm owned 2,016,722 shares of the real estate investment trust’s stock after acquiring an additional 799,185 shares during the quarter. JPMorgan Chase & Co.’s holdings in Agree Realty were worth $143,268,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. State of New Jersey Common Pension Fund D grew its holdings in Agree Realty by 0.9% in the 3rd quarter. State of New Jersey Common Pension Fund D now owns 300,679 shares of the real estate investment trust’s stock worth $21,360,000 after buying an additional 2,619 shares in the last quarter. PNC Financial Services Group Inc. grew its stake in shares of Agree Realty by 3.3% in the third quarter. PNC Financial Services Group Inc. now owns 14,547 shares of the real estate investment trust’s stock worth $1,033,000 after purchasing an additional 462 shares in the last quarter. HighTower Advisors LLC grew its stake in shares of Agree Realty by 1.9% in the third quarter. HighTower Advisors LLC now owns 21,610 shares of the real estate investment trust’s stock worth $1,535,000 after purchasing an additional 405 shares in the last quarter. Aberdeen Group plc increased its holdings in shares of Agree Realty by 13.8% during the third quarter. Aberdeen Group plc now owns 37,002 shares of the real estate investment trust’s stock valued at $2,610,000 after purchasing an additional 4,492 shares during the period. Finally, Metis Global Partners LLC raised its stake in shares of Agree Realty by 36.1% during the third quarter. Metis Global Partners LLC now owns 24,753 shares of the real estate investment trust’s stock valued at $1,758,000 after purchasing an additional 6,570 shares in the last quarter. 97.83% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, CFO Peter Coughenour acquired 500 shares of Agree Realty stock in a transaction dated Friday, January 9th. The stock was acquired at an average cost of $69.80 per share, with a total value of $34,900.00. Following the purchase, the chief financial officer directly owned 18,544 shares in the company, valued at $1,294,371.20. The trade was a 2.77% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director John Rakolta, Jr. bought 15,000 shares of the firm’s stock in a transaction that occurred on Wednesday, December 24th. The stock was bought at an average price of $72.18 per share, for a total transaction of $1,082,700.00. Following the completion of the acquisition, the director directly owned 562,606 shares in the company, valued at approximately $40,608,901.08. The trade was a 2.74% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last 90 days, insiders purchased 39,500 shares of company stock worth $2,813,680. Insiders own 1.80% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently issued reports on ADC. Weiss Ratings reiterated a “hold (c+)” rating on shares of Agree Realty in a research report on Wednesday, January 21st. Wall Street Zen cut shares of Agree Realty from a “hold” rating to a “sell” rating in a report on Tuesday, January 27th. Wells Fargo & Company raised their price objective on shares of Agree Realty from $81.00 to $83.00 and gave the company an “overweight” rating in a research note on Tuesday, November 25th. Evercore cut their target price on Agree Realty from $85.00 to $83.00 and set an “outperform” rating for the company in a research report on Monday, December 15th. Finally, Royal Bank Of Canada increased their price target on Agree Realty from $79.00 to $81.00 and gave the company an “outperform” rating in a research note on Thursday, February 12th. Eight research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $80.50.

Agree Realty Stock Up 1.4%

NYSE ADC opened at $78.20 on Friday. Agree Realty Corporation has a 12 month low of $68.98 and a 12 month high of $79.65. The company has a market capitalization of $9.39 billion, a P/E ratio of 44.18, a PEG ratio of 3.04 and a beta of 0.54. The company’s 50 day simple moving average is $73.22 and its 200 day simple moving average is $73.01. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.81 and a quick ratio of 0.81.

Agree Realty Dividend Announcement

The business also recently declared a monthly dividend, which will be paid on Friday, March 13th. Shareholders of record on Friday, February 27th will be issued a $0.262 dividend. The ex-dividend date of this dividend is Friday, February 27th. This represents a c) annualized dividend and a dividend yield of 4.0%. Agree Realty’s dividend payout ratio is currently 177.40%.

Agree Realty Company Profile

Agree Realty Corporation (NYSE: ADC) is a publicly traded real estate investment trust headquartered in Chicago, Illinois. Founded in 1971, the company converted to a REIT structure in 2013 and focuses on acquiring, developing and managing a diversified portfolio of retail properties under long-term, triple-net (NNN) leases. Its tenant roster spans national and regional retailers in sectors such as grocery, home improvement, convenience and specialty retail.

Agree Realty’s primary business activities include sourcing and underwriting new property acquisitions, originating build-to-suit projects and executing value-add redevelopment programs.